Thai economy shrinks 10.7% on flood impact

Thailand's economy suffered a double-digit contraction in the fourth quarter of 2011, the sharpest on record, after the kingdom's worst floods in half a century pummelled industry.Gross domestic product (GDP) shrank 10.7 percent in October-December from the previous quarter, according to the National Economic and Social Development Board. GDP fell 9.0 percent compared with the same period in 2010.It was the sharpest drop in a single quarter since comparable records began in 1993, according to Apichai Thamsermsukh, an official at the government agency.

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Japan’s economy shrank for the third time in four quarters between October and December, after floods in Thailand damaged production, and a strong yen and subdued overseas demand hurt exports.

The economy of crisis-hit Greece shrank by 2.5 percent, slightly better than an earlier estimate, in the last three months of 2009 compared to output in the fourth quarter of 2008, official data showed on Friday.The 12-month figure figure was a slight improvement on the agency's previous forecast of a 2.6-percent contraction in the fourth quarter of 2009.On a quarterly basis, the country's gross domestic product was down 0.8 percent in the last quarter of 2009 compared to output in the third quarter, the Esye national statistics institute said.

Thailand's economy posted double-digit growth in the first quarter of 2012, rebounding sharply from the fallout of last year's devastating floods, latest official data showed.Gross domestic product (GDP) grew 11 percent in January-March from the previous quarter, when the economy had contracted 10.8 percent, according to the National Economic and Social Development Board (NESDB).GDP rose 0.3 percent compared with the same period in 2011.

Britain's economy shrank by 0.3 percent in the fourth quarter of last year compared with the third, revised official data showed on Wednesday.The final estimate for gross domestic product between October and December was worse than the previous figure of a 0.2-percent contraction, the Office for National Statistics said in a statement. Expectations had been for no change.A further contraction in the first quarter of 2012 would place Britain back in recession, defined as two successive negative quarters. First-quarter data is scheduled for publication next month.

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Trade is the lifeblood of the Thai economy, with exports of goods and services accounting for almost 70% of the country’s economic output. This compares to a world average of just 30%.

Let’s start with bad news about the macro-side of the U.S. economy — and it’s very bad, indeed. You may have seen last month’s report out of the U.S. Commerce Department. U.S. gross domestic product (or GDP, a measure of the economy) delivered its worst performance in five years during the first quarter of 2014.

Britain remains the last major economy in recession after official data Tuesday showed the country's output shrank by 0.2 percent in the third quarter.The Office for National Statistics said that British gross domestic product (GDP) contracted by 0.2 percent during the July-September period compared with the previous three-month period.It had previously put the contraction at 0.3 percent, while analysts' consensus forecast had been for a revision this time around showing GDP shrinkage of only 0.1 percent.

Britain remains the last major economy in recession after official data Tuesday showed the country's output shrank by 0.2 percent in the third quarter.The Office for National Statistics said that British gross domestic product (GDP) contracted by 0.2 percent during the July-September period compared with the previous three-month period.It had previously put the contraction at 0.3 percent, while analysts' consensus forecast had been for a revision this time around showing GDP shrinkage of only 0.1 percent.